Yes Bank Q4 net profit rises 33.6%
Private sector lender Yes Bank today posted a 33.6 per cent rise in its net profit to Rs 271.8 crore in the fourth quarter of last financial year on the back of higher core income.
Net profit of the bank stood at Rs 203.4 crore in the same period last year.
Total income of the private sector lender grew by 45.5 per cent to Rs 2,051.45 crore during the January-March quarter compared to Rs 1,409.37 crore reported in the corresponding period last year.
"Despite a difficult economic environment, our net profit and income have shown sound growth," Chairman and Managing Director of YES Bank, Rana Kapoor told reporters here.
Net interest income of the bank grew by 28.6 per cent to Rs 448.2 crore in the fourth quarter compared to Rs 348.5 crore reported in the same period last year.
Net interest margin (NIM) of the lender stood at 2.8 per cent both for the.fourth quarter and the entire fiscal.
"NIMs are likely to improve as going forward as we expect increase in the Current Account, Savings Account (CASA) base," Kapoor said.
However, the private sector lender had seen subdued growth in the advances and deposit in the last financial year.
While advances has seen only 10.5 per cent growth to Rs 37,988.6 crore in the last fiscal, deposits rose by seven percent to Rs 49,151.7 crore.
"We are likely to achieve the RBI's target for deposits and advances in the current financial year," he said.
The Reserve Bank of India (RBI) has set a target of 19 percent growth in advances and 17 percent for deposits in the current financial year.
The bank has also seen significant traction in the CASA ratio after the deregulation of savings bank rate by the central bank.
The bank's CASA ratio has grown to 15 percent of the total deposit, up by 4.7 per...